My people! What's up, friends! 🥳 Hold on tight because I've got the hot gossip from the crypto world, this is burning like a good stew! 🔥
Look at this crazy thing: the SPX, that currency that maybe not everyone had on their radar, has shot up like a rocket out of control! 🚀 In the last 24 hours, it rose by 10%, and if we count the last four weeks, it’s up 16% in total! That's like when your favorite soccer team scores one goal after another, total madness! 🥅
And who is behind this party? None other than our beloved memecoins. Yes, those coins that started as a joke, like FLOKI and Dogecoin (DOGE) 🐕, are now at the top of the mountain! ⛰️ According to Artemis data, memecoins are the most profitable crypto class, they have risen by 3.9%! Can you imagine? It's like the whole neighborhood got together to throw a party and everyone showed up with their pockets full of cash. 💸
But it's not just the memecoin wave pushing the SPX. Derivatives are getting involved too! 🥄 People are making big bets, buying futures, and that means there’s a lot of faith that the price of SPX will keep rising. CoinGlass tells us that the funding rate is positive, indicating that most investors are 'long', meaning they are betting on the rise. And watch out, they have put in $23.65 million in new positions in just 24 hours! This has shot open interest up 17% to $139.17 million. It's like everyone is saying: 'This thing is going up, buddy!' 💪
But, watch out! 🚨 Not everything is rosy. It seems that those in the spot market (that is, those who buy and sell the currency directly) are not so convinced. They have been selling like crazy, liquidating about $527,000 in SPX in 24 hours! It's like when at a party, suddenly, people start leaving early. 🚶♂️ This creates a barrier for the currency, a 'resistance', especially at the $1.37 level. It has tried to break through twice and bam!, it has hit a wall. 💥
However, technical indicators tell us that the path remains bullish for now. The MACD gave a 'golden cross' (which is like a green light 🚦 for those who know about this) and the Money Flow Index (MFI) is through the roof (at 74.53), which means that people are pouring in money.
So, my dear investors and curious ones, the SPX is on an exciting roller coaster. While memecoins are giving it a massive boost and derivatives have it well positioned, we need to be alert to that resistance at $1.37. Will it break through or stay there? 🤷♀️ The key is to see if those selling calm down or if the memecoin fever keeps rising like foam.
Stay tuned, my people, because this crypto story still has many chapters to write! ✍️📈$SPX
